Regions Bank provided a $57.2 million construction loan to the Allen Morris Co., Xenel International U.S.A. and Principal Real Estate Investors to begin development of The Maxwell at Xentury City in Orlando, Fla. The 311-unit, 293,000-square-foot community will be the first residential phase of a larger 200-acre mixed-use development in Xentury City.
The development partners broke ground on the multifamily community in September and expect the project to deliver in the second quarter of 2024. Deangelis Diamond is the general contractor. Headquartered in Naples, Fla., the firm has six regional offices including one in Orlando. Dwell Design Studio, an award-winning architecture, planning and interior design firm, and Shim Studios as interior designer are also part of the development team.
The Maxwell at Xentury City will have five garden-style buildings. It will be part of Xentury City that will offer live, work, play offerings along with first-class dining and entertainment. The project site is adjacent to the Gaylord Palms Resort and Convention Center. The Gaylord includes more than 1,700 rooms and suites as well as 500,000 square feet of convention and meeting space. A holding company based in Westlake Village, Calif., XIUSA and its affiliates own Xentury City, which has more than 380 acres of land in Orlando.
The new residential community will be located close to all the theme parks including Disney World and Universal Studios and has a major transportation network to access the sites. The Maxwell at Xentury City will also be 30 minutes from Downtown Orlando and 20 minutes from Orlando International Airport.
Allen Morris Co., which has offices in Miami and Atlanta, is one of the largest real estate firms in the Southeast. The company is completing its 85th development project and specializes in multifamily residential, mixed-use developments, office buildings, hotels as well as leasing, brokerage and property management.
In August 2020, Allen Morris Co. and Ustler Development Inc. completed The Julian Apartments at Creative Village in Orlando, a $108 million, 14-story, 409-unit, mixed-use community with 6,000 square feet of commercial space built in Creative Village, a mixed-use innovation district that was being developed on 68 acres of vacant city-owned land. The public-private development district is near the University of Central Florida and Valencia College Downtown campuses and is aimed at transforming the former Amway Arena into mixed-use, transit-oriented neighborhood.
Multifamily developers had 21,744 units under construction in Orlando as of May, according to Yardi Matrix data. Investment activity was elevated in the first five months of this year, with $2.5 billion in multifamily assets trading, Yardi Matrix reported.